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A Non‐Substitution Theorem With Non‐Constant Returns To Scale And Externalities

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  • Takao Fujimoto
  • José A. Silva
  • Antonio Villar

Abstract

An input–output model with non‐constant returns to scale and externalities is presented, and it is shown that in this model the non‐substitution theorem is still valid. More precisely, the quantity side of the theorem, i.e. the proposition on efficiency, remains valid, while there can be no equilibrium prices independent of final demand.

Suggested Citation

  • Takao Fujimoto & José A. Silva & Antonio Villar, 2005. "A Non‐Substitution Theorem With Non‐Constant Returns To Scale And Externalities," Metroeconomica, Wiley Blackwell, vol. 56(1), pages 25-36, February.
    • Handle: RePEc:bla:metroe:v:56:y:2005:i:1:p:25-36
    DOI: 10.1111/j.1467-999X.2005.00205.x
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    6. T Fujimoto & C Herrero & R R Ranade & J A Silva & A Villar, 2003. "A Complete Characterization of Economies with the Nonsubstitution Property," Economic Issues Journal Articles, Economic Issues, vol. 8(2), pages 63-70, September.
    7. Johansen, Leif, 1972. "Simple and general nonsubstitution theorems for input-output models," Journal of Economic Theory, Elsevier, vol. 5(3), pages 383-394, December.
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